FTX Founder Sam Bankman-Fried Denied Bail, To Remain In Jail Throughout Trial

A federal judge on Thursday declared that FTX founder Sam Bankman-Fried must stay incarcerated throughout his trial proceedings.

Judge Lewis A. Kaplan expressed skepticism over the defense's arguments, stating, "They're not going in cold here," Coindesk reported.

This development comes as the cryptocurrency world gears up for Benzinga's Future of Digital Assets conference on Nov. 14, where such high-profile cases are likely to be a topic of discussion.

Mark Cohen, the primary attorney for Bankman-Fried, voiced concerns about the limited time he'd have to consult with his client before the trial's commencement.

He emphasized that now was the "appropriate time" to request his client's release.

Despite these efforts, Bankman-Fried's legal team has been unsuccessful in securing his release, having been denied twice already.

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They made another attempt this week, suggesting stringent conditions for his release, such as constant supervision and a ban on using any electronic devices.

The prosecution countered these proposals in a recent document, asserting that the defense hasn't sufficiently demonstrated the need for a temporary release.

Prosecutors further questioned the feasibility of the suggested supervision plan for Bankman-Fried during his potential release.

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